Notice To Members 87-23

TO: All NASD Members and Other Interested Persons

ATTN: Syndicate Department

The NASD has adopted an amendment to Section 66 of its Uniform Practice Code that reduces the period required for final settlement of syndicate accounts from 120 days to 90 days. The text of the amendment, which will become effective May 1, 1987, is attached.

Notice To Members 87-24

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MAY 14, 1987.

EXECUTIVE SUMMARY

The NASD requests comments on proposed amendments to Article III, Section 35 of the NASD Rules of Fair Practice. The amendments provide that advertisements concerning government securities are to be filed by members with the NASD's Advertising Department within 10 days of first use or publication.

Notice To Members 87-25

TO: All NASD Members and Other Interested Persons

LAST DATE FOR COMMENT: MAY 8, 1987.

EXECUTIVE SUMMARY

The NASD is requesting comments and suggestions on the concept of a rule that would restrict broker-dealers that are affiliated with issuers from making a market or trading in the securities of those issuers. The NASD invites comments on whether such practices should be restricted and, if so, the nature of affiliation that should trigger the restrictions and the types of restrictions that should apply.

Notice To Members 87-26

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, April 21, 1987, 12 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,850. These 12 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 12 issues scheduled to join NASDAQ/NMS on Tuesday, April 21, 1987, are:

Notice To Members 87-27

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, May 5, 1987, 19 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,869. These 19 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 19 issues scheduled to join NASDAQ/NMS on Tuesday, May 5, 1987, are:

Notice To Members 87-28

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, May 25, 1987, in observance of Memorial Day. "Regular way" transactions made on the business days noted below will be subject to the following schedule.

Trade Date-Settlement Date Schedule For "Regular Way" Transactions

Trade Date

Notice To Members 87-30

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, May 19, 1987, 21 issues are scheduled to join the NASDAQ National Market System, bringing the total number of issues in NASDAQ/NMS to 2,893. These 21 issues, which will begin trading under real-time trade reporting, are entering NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 21 issues scheduled to join NASDAQ/NMS on Tuesday, May 19, 1987, are:

Notice To Members 87-31

TO: All NASD Members and Other Interested Persons

EXECUTIVE SUMMARY

The NASD wishes to apprise its members of the SEC's recent release relating to mark-ups on zero-coupon securities. The SEC has become aware of potential abuses in this area and emphasizes that applicable provisions of the federal securities laws, NASD rules, and MSRB rules apply equally to zero-coupon securities. The SEC cautions broker-dealers to establish mark-ups in these securities based upon their face value rather than taking into account the discount at which such securities are sold.

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